Massachusetts bank buys South Portland mortgage lender

HarborOne Bank of Brockton, Massachusetts, has acquired mortgage lender Cumberland ... Cumberland’s business relationship with Portland real estate firm Bean Group and its 500-plus agents statewide also will be a business development asset to HarborOne ...

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HarborOne Bank acquired Cumberland County Mortgage for an undisclosed sum
By JCraig AndersonStaff Writer
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HarborOne Bank of Brockton, Massachusetts, has acquired mortgage lender Cumberland County Mortgage of South Portland for an undisclosed sum, the companies said Thursday.
The deal positions HarborOne as a leading home lender in Maine, the company said in a news releaseCumberland did $131.59 million in loan volume in 2016, it said.
Founded in 2000, Cumberland already was a source of significant revenue for HarborOne through a third-party mortgage originator relationship with Merrimack Mortgage Co., a wholly owned subsidiary of HarborOne, the release said.
Cumberland’s business relationship with Portland real estate firm Bean Group and its 500-plus agents statewide also will be a business development asset to HarborOne and Merrimack Mortgage, it saidCumberland has seven employees, including four loan officers.
HarborOne is one of the largest state-chartered cooperative banks in New England with $2.7 billion in assets.
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